After eliminating terrorist elements in Turkey’s eastern and southeastern regions, where the PKK terrorist organization had been conducting terrorist attacks against both civilians and the country’s security forces for decades, investments have started to pour into the provinces in the region.
One of the latest such moves is Lineer Metal Inc.’s zinc facility, which was established through a Turkish-Qatari partnership in an Organized Industrial Zone (OIZ) in southeastern Siirt with the aim of cutting down the country’s annual 250,000 tons of zinc imports.
The facility – which is completing construction – consists of three stages. The first was implemented with an investment of $102 million (TL 988.5 million) and will be opened on Nov. 20 with the participation of President Recep Tayyip Erdoğan. The total investment of the facility, of which the remaining stages will be completed by 2023, will reach $500 million.
Turkey imports all of its zinc, which is used in the automotive, iron-steel and white goods industries, causing an average current account deficit of $1 billion.
When the facility becomes operational, it is set to make a strong contribution to the country’s economy by cutting this outside dependency.
The facility where the zinc mine is located in the mining areas of Siirt and nearby Şırnak and Hakkari provinces will process zinc on-site, leading to an initial 40% reduction of imports, preventing a deficit of $400 million. When all stages of the facility are complete, imports will be circumvented entirely. The facility, which will provide direct employment to a total of 3,500 in the factory in Siirt and 2,500 in the mines in Hakkari and Şırnak, is set to employ 7,500 people in 2023.
Yasin Aktay, honorary chairperson of Lineer Metal Inc., drew attention to the strategic importance of the investment, noting that Turkey currently imports all of the 250,000 tons of zinc that it consumes annually.
“Our facility will reduce Turkey’s zinc imports by 40% with a production of 90,000 tons in the first place. Over time, we will increase the capacity,” he said. Aktay also said that the foundations of two more factories that will process lead-silver and sulfuric acid will be laid as part of the same initiative, on the day of the opening of the zinc smelting facility.
Aktay underlined that the project is the largest industrial investment ever made in the region.
Fikret Baydarman, Lineer Metal Inc. chairperson of the board of directors, stated that all the raw materials needed for zinc and lead production will be sourced from Turkey, adding that rich raw material deposits required for zinc production had been discovered, particularly in Hakkari and Şırnak.
Explaining that 90% of zinc is imported from Spain, Baydarman said: “There was no facility to separate the minerals in Turkey. The found minerals were sent abroad, sorted and brought to our country. We could not process our ore. We will prevent this with domestic and national investment.”
Qatar’s Sheikh Abdulaziz has a 50% partnership in the investment. Ihap Şihe, the consultant for the Qatari company in the investment partnership, said that they had been investing in Turkey for six years with a focus on real estate and tourism.
Calling on Arab investors to change their perspectives, Şihe said, “I invite Arab investors to invest in the energy and mining sectors rather than real estate.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
